FINANCE & FRANCHISING
Financial Literacy Lessons: A Family Affair S
tudies have shown that parents have the greatest influence on their children’s financial habits, and now, more than
ever, mothers and fathers are taking the primary role in educat- ing kids about healthy money management. “Most financial experts agree there is a need for financial discussions among families to avoid or soften potential future economic upheavals,” says Suzanne Poole, executive vice pres- ident, retail sales strategy, TD Bank. “According to a recent financial literacy poll by TD Bank, only 50 percent of fam- ilies report having weekly conversations with their chil- dren, even though there are easy ways to incorporate tips about money in everyday conversation.” TD Bank surveyed 1,637 consumers within the North- east as well as in Florida and Washington, D.C. With a lit- tle more than half of families having weekly conversations with their children about money matters, it’s important to keep it simple, be honest, and make it fun. Now, let the lessons begin:
Be Open: According to the survey, a majority of parents agree that
honesty is the best policy when talking to children about house- hold finances. Perhaps as a result of the recent economic strug- gles, the survey found that 55 percent of families say they are talking with their children more often about money.
Set Savings Goals: TD Bank’s survey showed that teaching children to save
with a piggy bank is one of the most popular money-related activities. That being said, only one in three parents reports set- ting a savings goal. If your child is saving, help them set goals and define the steps needed to reach them.
Establish a Family Budget: Despite the evidence that better budgeting can lead to sav-
ing, the survey shows that 47 percent of families are still not following or creating a monthly budget. Financial websites, such as
Mint.com, offer free programs and budget templates to develop a financially fit family budget.
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ings and banking. Source: NewsUSA
Enroll in Financial Literacy Programs: Financial literacy can be a daunting task for parents, but there
are educational tools and programs that can help with this process. For example, TD Bank offers an interactive financial literacy pro- gram for grades K-12 called “WOW!Zone.” It is available online for free at
www.tdbank.com/wowzone and offers advice and re- sources for parents to teach children and teens about money, sav-
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